RECOMMENDED!!BUSD 1006-AMCO (with a december 31 year-end) issued $4100,000
AMCO (with a december 31 year-end) issued $4100,000 4% bonds due in 9 years on May 1, 2015. Interest is paid semi-annually on November 1 and May 1 of each year. On the issuance date, the market rate of interest was 7%, resulting in a price of $328,900 for these bonds. Note: The premium/discount is amortized using the effective interest method.Calculate the values for the following Journal Entries.May 1Cash DR 328900Discount on Bonds DR 81100Bonds Payable CR 410000Issuance of BondsNovember 1Interest Expense: DR?Cash CR ?Discount on Bonds CR ?Payment of interest and amortizationDecember 31Interest Expense: DR?Discount on Bonds: CR?Interest Payable CR?Accrual of interest on bondsBonds are payable 4% due on May 1, 2022 = 410000Less discount: ?Total non-current liabilities: ?
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